Transfer of Duty Free Vehicle Prohibited For 5 Years.

Ministry of finance issued a Circular today for importing vehicles in terms of Trade and Investment policy for senior level executive grade administrative positions, management positions and professionals in Government Services, State Corporations and Statutory institutions.

This circular had been issued following amendments made to the relevant policy in accordance with decisions taken at the May 2 Cabinet meeting. The Trade Agreement Policy Circular No.01/2016 dated July 14, 2016 governs the import of vehicles for senior level executives grade administrative positions in state sector, the Ministry said. If the vehicles cost, insurance premium and freight (CIF) value exceeds above US$25,000 whether it is imported or purchased locally, should not be transferred to any other party before the completion of five year time period from the date of registration.